Morgan Stanley shares fall 8% as wealth management results disappoint
Publishing timestamp: 2023-10-18 11:54:04
Summary
Morgan Stanley reported third-quarter results that exceeded profit estimates but had revenue that roughly matched expectations. The bank's trading operations performed well, offsetting revenue misses in other areas. The wealth management division generated less revenue than expected due to rising compensation costs. The bank's CFO warned of a decline in net interest income in the fourth quarter. CEO James Gorman acknowledged a "mixed" environment for the business and mentioned that the wealth management division had gathered fewer new assets. The article also mentions the search for Gorman's successor as CEO.
Sentiment: MIXED
Keywords: earnings, investment strategy, james gorman, breaking news: earnings, business news, citigroup inc, morgan stanley, coronavirus: business, breaking news: investing, wall street, breaking news: markets, banks, goldman sachs group inc,
Source: https://www.cnbc.com/2023/10/18/morgan-stanley-ms-earnings-3q-2023.html